1983-10-03 - Resolution 1983-36 - PROVIDING FOR THE RETIREMENT OF CERTAIN MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDS RESOLUTION NO. 83 - 36
A RESOLUTION PROVIDING FOR THE RETIREMENT OF CERTAIN
MUNICIPAL INDEBTEDNESS BY THE USE OF MOTOR FUEL TAX FUNDS
WHEREAS, the Village of Buffalo Grove, Cook and Lake Counties,
Illinois has outstanding indebtedness described as follows :
Corporate Purpose Bonds Series 1982-A
Principal Outstanding $2,931 ,082.50
Calendar 1983 principal Due -0- Date: N/A
Calendar 1983 Interest Due $467,787.50 Date: June 1 , 1983 and
December 1 , 1983
and
WHEREAS, in the opinion of the President and Board of Trustees of
the Village of Buffalo Grove, a portion of the indebtedness described in the
preceding paragraph may be retired with the funds alloted to the Village under
the Motor Fuel Tax Law; and
WHEREAS, it appears that sufficient Motor Fuel Tax Funds are or will
be available when the above indebtedness is due for calendar 1983; and
WHEREAS, the President and Board of Trustees of the Village of
Buffalo Grove has, by Ordinance No. 82-43 adopted December 20, 1982, directed
the Clerks of Cook and Lake Counties to cancel a portion of the 1982 tax levy
(for taxes collected in 1983) which would have produced funds to pay this
indebtedness.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees
of the Village of Buffalo Grove, Cook and Lake Counties, Illinois that:
1 . There is hereby appropriated the sum of Sixty Thousand Dollars
($60,000.00) from funds alloted to the municipality under the
Motor Fuel Tax Law for payment of a portion of the above
described indebtedness.
2. The Village Clerk shall immediately transmit three (3)
certified copies of this resolution to the Region/District
Engineer, Illinois Department of Transportation, at 1000
Plaza Drive, Schaumburg, Illinois 60196.
•
3. This Resolution shall be in full force and effect upon
its passage and approval .
AYES: 5 - Marienthal , Stone, Hartstein, Glover, Reid
NAYES : 0 - None
ABSENT: 1 - O'Reilly
PASSED: October 3 , 1983.
APPROVED: October 3 , 1983.
lage President
ATTEST:
Vjlilage Clerk
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